Those companies eager about obtaining crypto license Estonia should keep in mind that basically, there are two kinds of licenses that a cryptocurrency company can have. Upon obtaining the license for being a crypto exchange service provider, a company can offer exchange services for those enthusiastic about dealing with cryptocurrency against regular currencies or any other kind of cryptocurrency. However, those companies interested in providing e-wallets must obtain the respective license for cryptocurrency wallet service provider. The same is the case for those who want to offer virtual token wallets as well.    

Other types of cryptocurrency affairs like those associated with mining can be set in Estonia. However, unless they are associated with trading affairs requiring a license to be a cryptocurrency broker, no explicit license is essential.

The process of obtaining a Cryptocurrency Licence in Estonia

For establishing a cryptocurrency company, it is essential to register the concerned business in Estonia. Before that, one needs to select a name for the company that has to be checked for availability. The concerned company then needs to get registered with Commercial Register. Registration with concerned VAT officials is also essential. It is essential to fill both of the applications at the Financial Supervisory Authority. This has to be done at the Financial Intelligence Unit of Estonia.

As far as documents essential to be deposited include the incorporation certificate of the company along with documentation for risk analysis, as well as KYC. Most importantly, the application is essential to get reviewed through the Intelligence Unit. This process spans 30 days, post which the concerned company can kick-start its functionalities. It, in general, takes a couple of weeks to issue a crypto license Estonia. Noteworthy here is that the concerned company should initiate its functionality in a period of six months from the date from the issuing of the license.

What about the norms of legalizing cryptocurrency in Estonia?

Many people remain in doubt whether the cryptocurrency in Estonia is legal. It is here to note that a document has been published by the Tax and Customs Board of Estonia, also known as Taxation of Trade in Bitcoins. This is in concern with the bitcoins in Estonia. It considers Bitcoin as a virtual currency in a decentralized form. The result of this acknowledgement is that every person and enterprise doing bitcoin transactions is essential to get registered as a business service provider.

The Estonia government has also issued an upgrade for the regulations concerned with anti-money laundering in the year 2017. This update introduces enhanced rules administering the functionalities of the crypto-based companies. It brings clarity with the definition of the mode of using the cryptocurrencies.